2001 Malibu and the abs light came not to long ago and now it sounds like the brake is dragging and the brakes over night do not want to work what could be wrong with this car?

I have the same problem right now with my 2001 Malibu and I was told that when the ABS light came on, that the front wheel bearing are bad and need to be replaced. I live in Chicago and I was quoted a price of $300 because there is a ABS sensor on the wheel bearings.